Recent increases in leasing activity in Downtown New York City have been highlighted by two significant relocations to One Seaport Plaza, located at 199 Water Street. Fintech company Arch Inc. has leased 73,581 square feet, moving from its previous location at 111 East 18th Street in Midtown South. Additionally, law firm Cohen Milstein Sellers & Toll has signed a lease for 18,457 square feet, transitioning from 88 Pine Street, with plans to occupy the space by the second quarter of 2026.
In DUMBO, the architectural firm Bjarke Ingels Group (BIG) finalized the year’s largest lease with a long-term renewal of 50,000 square feet at 45 Main Street, owned by Two Trees Management. BIG is currently designing a new residential building for Charney Companies and Tavros at 175 Third Street in Gowanus, further solidifying DUMBO’s status as a central hub for architecture and design in Brooklyn. Earlier this year, Two Trees also attracted the renowned firm Snohetta to 55 Washington Street, bolstering the area’s reputation as a flourishing creative district.
As a result, DUMBO is home to a diverse range of design and architecture firms, including Garrison Architects and Brooklyn Studio, alongside numerous furniture designers.
Why this story matters
- Highlights the growing trend of businesses relocating to Downtown and DUMBO areas, signaling a revitalization in urban leasing.
Key takeaway
- The movement of high-profile companies to these neighborhoods underscores their emerging significance in the creative and financial sectors.
Opposing viewpoint
- Some critics may argue that rising rents could push smaller creative businesses out of these neighborhoods, altering the local economic landscape.
